In January 2018 oil marketing firm Hascol Petroleum became the first corporate in Pakistan to issue Islamic commercial paper (ICP), with a PKR1.5 billion (US$13.5 million) short-term facility that blazed a new trail for private sector capital raising in the country. ICPs

In December 2016 the World Gold Council and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) launched a new Shariah standard on gold trading which over the past year has unleashed a flood of new products onto the market. Most

Oman’s state-owned electricity company successfully priced its debut Sukuk on the 1st November, coming in at the tight end of the price guidance and seeing orders top US$5 billion. The impressive pricing demonstrated just how much appetite there is for blue chip

In October the medical arm of Malaysian conglomerate TRIplc (TMSB) tapped the debt capital market with a straightforward Sukuk issuance that leveraged the support of the country’s bond guarantor Danajamin to obtain the best possible deal, in a transaction that demonstrates the

Public housing developer Perumahan Rakyat 1Malaysia (PR1MA) in October utilized a comprehensive multi-tenor Islamic debt program to fund the development of a new roll-out of affordable housing projects. The transaction represents a textbook example of Sukuk as a tool for state-owned entities

On the 25th October the Saudi Arabia-based Arab Petroleum Investments Corporation (APICORP), a multilateral development bank established to boost the development of the Gulf region’s oil and gas industries, floated a US$500 million Sukuk issuance using a highly flexible structure in order

One of Malaysia’s biggest property developers, SP Setia, in September issued a simple and straightforward Sukuk transaction to raise funds for the purchase of land on the island of Penang, in a deal which demonstrates the simplicity and ease of raising Islamic

Solar energy company Tadau Energy made history earlier this year with the issuance in July of the world’s first-ever ‘green’ Sukuk, under Malaysia’s SRI Sukuk framework launched in 2014 to encourage socially responsible investment through the application of tax incentives. The Sustainable

The first visit to the capital market for the TNB parent company in almost two decades, the dual-tranche transaction was issued in July and comprised a 15-year RM500 million (US$116 million) tranche and a 20-year RM1.5 billion (US$349.5 million) tranche, achieving prices

Islamic financing isn’t all about Sukuk – commercial finance also plays a large part and bank loans are one of the biggest segments in the Islamic debt sector. In August, Omani utilities firm Majan Electricity kickstarted its plan to raise US$2

Following on from our cover story this month highlighting the expansive opportunities for Islamic structures in financing healthcare development, our case study explores a successful syndicated financing transaction for a major healthcare developer. The syndicated financing of AED370 million (US$100 million) was

In July, Chinese conglomerate Beijing Enterprise Water Group Malaysia (BEWG(M)) tapped the Malaysian Sukuk market for a debut RM400 million (US$93.4 million) issuance to fund a new project in the state of Terengganu, in a clear indication of the maturity of the

Market-leading Malaysian telecoms firm Digi Telecommunications launched its first ever Islamic issuance in May 2017 to an eager market, with the oversubscribed paper demonstrating the robust appetite for high quality investment-grade names in a market keen for diversification. The debut RM900 million

In April 2017, leading Dubai property group DAMAC Real Estate Investments priced a US$500 million five-year Sukuk issuance at par with a 6.25% profit rate, in a complex deal that illustrates just how versatile Shariah compliant contracts can be in meeting the

On the 3rd May Malaysian energy giant YTL Power closed its latest Islamic deal – a RM2.5 billion (US$576 million) 10-year Sukuk, maturing in 2027 and priced at a satisfactory 5.05%. The transaction marks the growing demand for power in Malaysia, a

On the 4th May the UAE’s DAMAC Properties rang the bell to celebrate the listing of its US$500 million Sukuk on Nasdaq Dubai, in a step to support its latest drive towards luxury real estate development. The transaction brings the total value

Malaysia’s Malakoff Corporation (MCB), a water and power producer and a stalwart Sukuk issuer, has returned once again to the debt capital market through subsidiary Tanjung Bin Energy (TBE) to demonstrate the versatility of Islamic debt instruments for financing and refinancing purposes.

On the 7th April Indonesian telecoms firm XL Axiata successfully launched the second tranche of its Sukuk program with a lease-based (Ijarah) issuance of IDR2.18 trillion (US$164 million) after a positive book-building process. The issuance received the highest possible rating of ‘AAA(idn)’

After a four-year hiatus, Dubai’s Emaar Properties returned to the international debt market at the end of 2016 in a triumphant comeback that displayed the strength of appetite for Shariah paper and the ability of Islamic instruments to fund large-scale business activities.